City Of London
UK’s Most Popular Money Manager Vows to Keep ‘Going Through Hell’ as Returns Drop
- Smith’s Fundsmith Equity fund lost almost 14% last year
- He runs a concentrated strategy and holds around 30 stocks
Photographer: Stefan Rousseau/PA Images/Getty Images
This article is for subscribers only.
Surrender? Never. The UK’s most popular money manager says he’ll keep “going through hell” after his fund’s first down year in over a decade.
Terry Smith, who manages the UK’s largest equity fund, says his firm will press on in the face of challenging performance as he defended last year’s poor returns in a letter to investors published Tuesday. The new economic reality of higher interest rates and inflation “holds few fears” for him, he added.